Who developed the concept of Human Life Value (HLV) in insurance, which estimates the financial value of human life based on future income and liabilities?

Which of the following principles distinguishes an insurance contract from a wagering contract?

Mr. A insures his house worth Rs. 10 crores with two insurers: HDFC for Rs. 7.50 crores and Bajaj Allianz for Rs. 7.50 crores. The actual loss of the house when destroyed is Rs. 7 crores. Mr. A can claim the full loss of Rs. 7 crores either from HDFC or Bajaj Allianz, or proportionately Rs. 3.5 crores from each of them. Which principle of insurance is applicable in this situation?